Payday Loans serve people who are short of cash
before payday. It offers you the opportunity to receive a quick loan,
which acts as an advance on your pay, to be able to pay for
something at the time you need or want it.

A payday loan is,
therefore, a small, short-term loan designed to bridge the gap until
your next payday. (If need be, the loan can be extended to a
subsequent payday by paying the interest and carrying the balance
over for another month.)

Customers choose payday loans
because they generally cost less than bounced cheque or overdraft
fees, late bill penalties, or fees for missed credit card payments.
They are also generally more desirable than having to ask to borrow
money from family.

You have a choice of 2 process options – one is a fast track online option. The second is a more manual process, where you will be required to supply certain documents to us via fax / email or post.

(1) If you are happy to proceed with the online application you will be advised in minutes whether or not you have been approved for the loan or whether you will instead need to use the manual application process. If you are approved, you can electronically sign a Consumer Credit Agreement and your money will be transferred to you by priority same day payment (CHAPS).

(Please note: even if carrying out credit checks, we will approve applicants with a poor credit history and CCJs – and you may have the option to move to the manual process, if we cannot approve you via the online credit check system.)

(2) Alternatively, if you do not wish to undergo a credit check, you can complete part of the form online, select not to have the credit check when this option comes up, and then print off the provisional credit agreement and sign and return it with copies of the required documentation. Your application will then be passed to our Approvals team.

Steps involved in either online or manual
application for a payday loan for new customers:

Please note: in certain instances, we may not be able
to fully approve your loan online. In such instances we will
provisionally approve your loan, pending receipt of certain
documentation and your signed credit agreement.

When approving a loan manually we may in some
instances require cheques on which to secure the loan. This would be
confirmed to you once the loan has been approved.

If you have had a loan with us before even if this was a long
time ago simply go to the Existing Customer page, complete the
short form and accept the electronic credit agreement.

You can choose same day (which will incur a £15 fee) or 2-day
transfer of your funds.

Please note, we will only transfer the amount you were originally
approved for. (If you have had 3 or more payday loans with us you
will be eligible to apply for a loan increase please call one of
our agents on 0800 652 4661 if you wish to do so.)

You can either carry out the fully online application process, or
alternatively, we will accept a letter from your employer, on letter
headed paper, confirming that you are employed at the company, the
amount you earn, and the bank account your wages will be paid into.
(This letter does not need to be addressed to its-payday.com.)

If you are applying
manually we need to see bank statements in order to approve you for
a loan. Because we will not be carrying out a credit check, the
approval will be based on the incomings and outgoings in your bank
account, in order to assess whether you will be able to repay the
loan. As such, bank statements are essential in a manual
application, and have to be the 2 most recent statements.

Therefore, if applying manually and you don't have bank
statements, you would have to either print off bank statements from
Internet banking (if you belong to any bank other than Halifax /
Bank of Scotland) or request reprints of the last 2 bank stamens
from your bank branch.

It is transferred directly into your bank accounts by same day
priority payment (CHAPS), if you are a new customer. (Existing
customers need to select whether they want their funds transferred
by CHAPS or BACS.)

We transfer cash on a daily basis. It will clear in your account
between 15:00 and 18:00 on a working day. If your application is
processed and either your electronic Credit Agreement submitted or
printable Credit Agreement received before 14:30, new customers will
receive their money the same day, between 15:00 and 18:00. However,
if the Credit Agreement is received after 14:30, then the money will
clear in your account between 15:00 and 18:00 the following working
day.

Existing customers will need to select whether they
want same day (CHAPS) or next day (BACS) transfer both of which
will clear between 15:00 and 18:00 on a working day.

No - bank transfers do not clear on week-end days. If a new
customer's Credit Agreement is submitted / received after 14:30 on
Friday or over the week-end, the money will clear in your account
between 15:00 and 18:00 on the following Monday.

This does not matter - the loan will become repayable on the
fourth payday after the funds are granted. Alternatively the
repayments can be staggered over your next four paydays.

What if I apply for a loan very close to my next payday am
I expected to pay the same interest as people who apply for one 4
weeks away from their payday?

We are fair we don't expect
you to pay back a loan after a few days. If you apply for a loan 0-7
days before your payday you will be expected to pay it (or the
interest, if extending) back on your following payday. For example:
If you are paid on 28th of every month and apply for a loan on 22nd
August, you will only need to pay it back on 28th September.
Similarly, if you want to extend the loan for a further month, you
will only be expected to pay the interest back on 28th September and
the balance will be extended until 28th October.)

We only lend up to a maximum of £1000, If you need to borrow more than this (and if you cannot
afford to repay £1,000 on your payday), you should visit www.guaranteedfinance.info to find a range of
other loans to suit your needs.

If you are approved for more money than you want, you can choose
to receive less than your full available balance. So, for example,
if you are approved for £600, you can elect to only borrow £320, if
this is all you need.

At a later date you can request to
increase your balance until it reaches your approved limit, if you
wish to.

Payday Loans are designed to be paid off on a person's next
payday. A loan can be extended for a further month by simply paying
the interest and carrying the balance over to the next month. For
each month that you want to extend the loan for you have to pay the
interest and carry the balance over to the following month.

The interest does not increase it remains £20 for every
£80 borrowed. So if £240 is borrowed, £60 interest will be paid for
each month that the loan is extended for. When the loan is to be
cleared, the full £300 will need to be paid.

However, we do
not recommend that you continue extending your loan for more than a
few months. If you need a loan for an extended period of time, we
recommend that you clear the Payday Loan and take out another type
of loan designed to be paid off over a longer period of time.

Copies. We will accept originals, take copies and return them to
you. However, we cannot accept responsibility for any original
documents sent to us. We, therefore, spanly recommend that only
copies are provided for an application.

After a first loan, you will be become an existing its-payday.com
customers. You then simply need to submit an online Existing
Customer Application with Credit Agreement from the Existing
Customer page of this website.